10 Things You Need To Know This Morning

JPMorgan facebook ipo flag

Photo: Instagram via Heidi Moore

Good morning! Here’s the news:

  • Facebook has priced its IPO at $38 a share, the high-end of the range they were considering.
  • One valuation guru said that he would be “very surprised” if the stock were overpriced, noting that both the company and the bankers have too much to lose if it were.
  • Mark Cuban argues that the Facebook IPO is the most important IPO ever, but not for the reasons you might think.
  • Here are all the people who are about to get filthy rich off the Facebook IPO.
  • Facebook doesn’t want the IPO to distract employees too much, though. The company is hanging these posters around campus so employees don’t notice they’re about to be super rich and stop working.
  • Mark Zuckerberg received a standing ovation from thousands of Facebook employees last night in a strong show of support for the CEO. Then many employees jumped into an all-night hackathon leading up to the IPO.
  • In other non-Facebook news, Bloomberg confirms that the next iPhone will have a larger screen and notes that Steve Jobs ‘worked closely’ on the phone’s redesign while he was on medical leave.
  • HP is expected to lay off 25,000 employees soon and squash the enterprise services unit that it spent billions of dollars on just a few years back.
  • The woman in charge of managing Electronic Arts’ $400 million acquisition of the social gaming company Playfish just quit. So much for that.
  • Amazon is hoping to sell advertising on the Kindle Fire’s welcome screen for $600,000, according to a report in Ad Age.

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